Long–Term Debt and Capital Lease Obligations | Long-Term Debt and Finance Lease Obligations Long-term debt and finance lease obligations at carrying value consisted of the following as of: March 31, 2023 December 31, 2022 2026 Notes, net of unamortized discount, premium, and debt issuance costs of $1.9 million and $2.0 million as of March 31, 2023 and December 31, 2022, respectively $ 748,141 $ 747,991 Senior secured credit facility - revolving credit borrowings 156,000 436,000 Senior secured credit facility - term loan, net of unamortized discount and debt issuance costs of $3.7 million and $0.0 million as of March 31, 2023 and December 31, 2022, respectively 101,032 — Epes Tax-Exempt Green Bond, net of unamortized discount and debt issuance costs of $4.3 million and $4.3 million as of March 31, 2023 and December 31, 2022, respectively 245,697 245,727 Bond Tax-Exempt Green Bonds, net of unamortized discount and debt issuance costs of $2.1 million and $2.0 million as of March 31, 2023 and December 31, 2022, respectively 97,939 98,004 New Markets Tax Credit loans, net of unamortized discount and debt issuance costs of $2.5 million and $2.6 million as of March 31, 2023 and December 31, 2021, respectively 28,910 28,791 Seller Note, net of an insignificant amount of unamortized discount as of December 31, 2022 (1) — 8,705 Other loans 5,195 5,418 Finance leases 25,475 22,123 Total long-term debt and finance lease obligations 1,408,389 1,592,759 Less current portion of long-term debt and finance lease obligations (15,313) (20,993) Long-term debt and finance lease obligations, excluding current installments $ 1,393,076 $ 1,571,766 (1) The outstanding principal of the Seller Note of $8.8 million and an insignificant amount of accrued interest were repaid in full at maturity in February 2023. The estimated carrying amount and fair value of long-term debt as of March 31, 2023 was $1.4 billion and $1.2 billion, respectively and as of December 31, 2022 was $1.6 billion and $1.5 billion, respectively. As of March 31, 2023 and December 31, 2022, we were in compliance with the covenants and restrictions associated with, and no events of default existed under, the loan and indenture agreements governing the 2026 Notes, senior secured credit facility, new markets tax credit loans, Epes Tax-Exempt Green Bonds, and Bond Tax-Exempt Green Bonds, each of which is described in more detail in Note 12, Long-Term Debt and Finance Lease Obligations to the financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022. 2026 Notes The 2026 Notes are guaranteed jointly and severally on a senior unsecured basis by most of our existing subsidiaries and may be guaranteed by certain future restricted subsidiaries. Senior Secured Credit Facility In January 2023, under our senior secured credit facility, we entered into a senior secured term loan facility providing for $105.0 million principal amount, maturing in June 2027. Borrowing rates are variable and calculated as the Secured Overnight Financing Rate plus 4.00% per annum. We used the proceeds to repay revolver borrowings under our senior secured revolving credit facility and pay fees and costs. Our obligations under the senior secured credit facility are guaranteed by certain of our subsidiaries and secured by liens on substantially all of our assets; however, the senior secured credit facility is not guaranteed by Enviva Wilmington Holdings, LLC or Enviva Pellets Epes, LLC, or secured by liens on their assets. As of March 31, 2023 and December 31, 2022, we had $413.0 million and $133.0 million, respectively, available under our senior secured revolving credit facility, net of $1.0 million and $1.0 million, respectively, of letters of credit outstanding. |